<p>So currently I am a senior in mechanical engineering at the University of Maryland. As of yet, the recruiting seems to be decent as far as engineering itself goes, however there are only a few consultancies and almost no investment banks which recruit on campus. I really would like to get a job in either of these two fields as opposed to engineering, which would be the best way to go about this? Right now as I see it, I have a three options.
1. Just take an engineering job and do well, get an MBA at a top school(hopefully), then transfer into banking/consulting.
2. Take an extra semester and apply to masters of finance programs (been looking at Duke and UVA)
3. Take an extra semester and try to get into consulting or banking from my current school (i.e. networking, cold-calling, etc.), and if nothing works out, try for a normal engineering job.
As far as stats I've been scoring low 700's on practice GMATs, and my GPA will be around 3.4-3.45 by graduation.
What would be the best option to get me where I want to go?</p>
<p>If you are trying to get into finance or consulting, you don’t need a higher degree right now. Engineering degrees are in high demand, especially among boutique consulting firms. I don’t know which of the national names recruits at Maryland, but there are plenty of firms in DC, Baltimore, Philadelphia and Harrisburg that need good people.</p>
<p>Don’t limit yourself to on-campus recruiting; use your school’s recruitment website to find non-OCR jobs. Those companies are just as good as the ones recruiting on campus, but some are too small to have recruiters and first year analysts go to schools, so they post on job boards and go from there.</p>
<p>“Just take an engineering job” kind of makes me laugh … engineering jobs are tremendous - they generally pay well to start, and they give you tangible, portable skills that can translate directly into a consulting career within only a couple of years. If I were you, I would certainly be looking at MechE jobs in addition to the finance and consulting ones. Think about it… if you are trying to get a job advising engineering companies on how to become more efficient, wouldn’t you have a leg up if you have worked at one of those companies for a little while?</p>
<p>In any event, it’s good that you are looking now. Some of the smaller companies haven’t even started recruiting yet and won’t until October, so make sure you keep your eye out. </p>
<p>When I was a senior, I started applying for jobs in June the summer before and didn’t wind up getting an offer until almost Christmas. Don’t be discouraged that you haven’t found something yet, and don’t make a drastic decision like staying in school an extra semester if that isn’t what you truly want to do.</p>
<p>I vote for your option number 1, and make sure you “DO WELL”.</p>
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<p>That’s probably because the best paying jobs in the NCR (National Capital Region) are usually government/defense contractors. Maryland didn’t beat out Connecticut for the most millionaires per capita for no reason. <a href=“Top states for millionaires per capita”>http://www.usatoday.com/story/money/personalfinance/2014/01/19/cnbc-top-states-for-millionaires/4585285/</a> More jobs than qualified people available, high incomes, lower cost of living…easy formula for building net worth.</p>
<p>Based on my own experience, finance in markets like NY just can’t beat the “total package” offered by defense industry in the NCR. I was offered 80k/year salary to start as an entry level software engineer, over 6 weeks of vacation, excellent benefits, 35 hour work weeks which gave me time for pursuing an MS Computer Science part time and my military reserve obligations. My gross income (contractor + military) in my first year out of college was about $100k and building a military retirement to boot, but to match the same standard of living in NYC, I would need a guarantee (none of that “maybe” bonus…business) of at least $200k. I don’t think finance would have been able to afford me and offer me 35 hour work weeks. Also, since the starting salaries as well as the ceiling is relatively good in this sector, the opportunity cost of going for a full time MBA is too high. </p>
<p>Well some people don’t like defense jobs. It’s great when you start out but it goes through waves of layoffs and people work at these jobs have absolutely minimum skills compare to the industry. Defense jobs are considered stimulus. </p>
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<p>Many industries, like defense, goes through a series of layoffs. Those who have the opportunity/options to side-step that onslaught usually come out on top after it is over. For example, military reservists who can get a 1 year Active Duty for Operational Support (ADOS) tour when the defense industry downsizes basically mitigate the effects of the downturn and are poised to come back when it’s on the uptick while many who don’t have those opportunities or connections usually leave the field permanently.</p>
<p>Defense jobs, especially at the program manager level and above, are more or less about politics. It requires a different set of skills and network. In defense, where you went for your MBA matters less than what duty assignments/positions you’ve had in your military career.</p>
<p>Defense jobs are considered stimulus. But what jobs aren’t? Finance…anyone remember TARP?</p>
<p>Your experience based on your military background. It might not be the same for people without military background.
High tech jobs aren’t stimulus. If you don’t deliver they will let you go.
But I rather them then defense jobs. I had high paying defense jobs when I was younger and the experience hold me back in the real non defense job market. My salary was sky high, so high that it was off the chart, it’s equivalent to a salary of a mid level engineer when I only had a few years of experience. I jumped out to the high tech industry and have been thankful that I never did stay. Salary is not the meat of your compensation, it’s more like a stipend.</p>